FAQs: UK Bank Account Holders living overseas
As an EEA member state, financial institutions in the UK were able to to service clients living in the EEA without any further authorisation needed from that particular member state. This is called ‘passporting'. On 31st December, ‘passporting’ rules are set to change for UK banks. As that when the UK’s Brexit transition period ends and their EEA membership ends too. This means each bank will now need to have a separate authorisation in each EEA country that it wishes to operate in. So some banks will close the accounts where clients live in in countries they simply no longer want to operate in.
This will mostly affect people with assets or income in the UK - and they that have that income paid into UK account to protect from overseas bank charges and poor exchange rates.
Firstly, you can write to the provider, to see if you can appeal the account closure. In most cases this won’t be allowed, as you need to have to have a UK residential address. You could switch to another UK bank provider, but even if you are able to open an account now, it is uncertain to how they may treat you as an expat in the future, post Brexit. To make the most well-informed decision, its best to speak to an adviser so they can understand your situation. And potentially they can recommend an international solution thats best for you. If you have any further questions, get in touch.
Depending on the rules of the country you are living in, you may need to register or apply for residency.
If you do not have private medical insurance, make sure you have access to sufficient healthcare and have registered with your local authorities.
Check if you need to change your UK driving license for a license issued by the European country you live in.
